Bay Street May Open On Positive Note

(RTTNews) - Higher U.S. and Canadian futures and firm precious metals prices point to a positive start on Bay Street Wednesday morning. Worries about the potential economic impact of the ongoing tensions in the Middle East may weigh and limit market's upside.

Data from Statistics Canada showed Canadian business labor productivity rose 0.9% quarter-on-quarter in the third quarter of 2025, rebounding from a 1.0% decline in the second quarter, and beating expectations of 0.4% growth. The increase marked the sixth gain in eight quarters.

S&P Global's data on Canada's Composite and Services PMIs for the month of February will be out at 9:30 AM ET.

George Weston Limited (WN.TO) reported that its net earnings available to common shareholders fell to C$280 million or C$0.72 per share in the fourth quarter, from C$664 million or C$1.68 per share a year earlier, primarily reflecting the unfavourable year-over-year impact of a C$388 million fair value adjustment of the Trust Unit liability.

TELUS Corporation (T.TO) and AST SpaceMobile, Inc. (ASTS) have signed a commercial deal to provide space-based cellular broadband services to the remote locations across Canada.

The Canadian market ended sharply lower on Tuesday, weighed down largely by a sell-off in gold stocks as the price of the precious metal tumbled.

The benchmark S&P/TSX Composite Index regained some ground after an early nosedive but still ended the day down 756.33 points or 2.2% at 33,784.94. The index had ended Monday's trading at a record closing high.

Asian stocks slumped on Wednesday as soaring oil and gas prices due to the escalating Middle East conflict spooked markets and fueled demand for safe-haven assets.

The major European markets are up firmly in positive territory today with investors picking up stocks after two successive days of sharp declines.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.25 or 0.33% at $74.29 a barrel.

Gold futures are gaining $76.70 or 1.5% at $5,200.40 an ounce, while Silver futures are gaining $2.377 or 2.85% at $85.850 an ounce.